The President of Georgia vetoed on May 3 recently passed amendments to the Tax Code.

The Parliament adopted the amendments in the third reading on 19 April.

“Vetoed the ‘offshore’ law and will keep vetoing any bill that contradicts Georgia’s European and Euro-Atlantic aspirations. Georgia’s identity is European, unshakeable despite any attempts to distort it”, - writes Salome Zourabichvili on X.

The amendments relieve all natural persons of their recognized unpaid tax arrears incurred before January 1, 2021, and debts and fines at the time of write off.

The draft law stipulates that during the transfer of ownership rights to all assets (including shares) of a foreign enterprise registered in a country with preferential taxation to a Georgian enterprise before January 1, 2028, the revenue received by a foreign enterprise registered in a country with preferential taxation and a partner natural person is exempted from profit/income tax.